Obama’s Orchestrated Wealth Transfer To The Top One Percent

People Fleeced by Obama

During the Great Recession, which Obama claimed was due to George W. Bush and greedy businesses and banks, the Federal Reserve and Treasury Department shoveled $4.5 trillion to Wall Street banks through the Quantitative Easing program because it was claimed that a worldwide depression would result if the banks were not propped up. Who picked up the tab for that largesse?

The American taxpayer, of course. Obama talked about pumping money into “shovel ready” jobs that would immediately start the economy humming again, but that money never materialized. What did happen is that banks got the money, then reinvested it into mergers, stock buy-backs, and debt offerings, but nothing that actually grew the economy or expanded the business climate.

The objective was to avoid creating inflation, and that certainly was the result, as companies refused to give raises, to expand, or to create new opportunities. It is hilarious that the Dems thought Obama would be the solution to helping the “common” man and growing the power of the worker.

As is the case with virtually every Socialist regime that promises economic growth and equality, it was absolutely the opposite of that. The banks got the money for free, and reinvested it to help themselves. The man in the street got a minuscule return on his investment.

This is the primary reason the US economy has not been able to recovery from the bank implosion of 2008.

Surely if you inject $4.5 trillion into the economy, you will get economic growth. You will get a 4% to 5% increase in Gross Domestic Product for at least a year or two.

Yet the Obama administration is the first two-term presidency that has not posted a 3% GDP growth on an annualized basis for 8 years. Even Franklin Delano Roosevelt posted 3% growth year during the Great Depression.

Who did this help? The 1%, and pretty much only the 1%.

These actions are the reasons the American middle class has been decimated and no longer makes up the majority of the population.

If liberals are angry about inequality, they should look no further than President Obama. He has done more to contribute to the gap between rich and poor than anyone.

The middle class has seen the wholesale export of good-paying jobs, while on the hook for crushing mortgages and higher taxes to pay down the growing US debt to fund the banks.

Now comes the punch line. After the Fed finally decided to stop the QE program, asset bubbles are growing weak and some say about to pop. The stock market is in correction mode — off more than 10% from its highs last year. After seven years of getting no interest on your savings, after little opportunity for job advancement and raises, now your 401(k) will take a hit anyway.

The US has “the strongest, most durable economy in the world,” Obama boasted Tuesday. But only for the few.

The other joke from the Left is that they are now offering a choice between Hillary Clinton, a liar and cheat who has made tens of millions of dollars over the last few years by scamming foreign countries hoping for an inside track by investing in the Clinton charity, and Bernie Sanders, an unrepentant Socialist who will repeat the smothering of the common folks just like Obama did, but in spades. I guess the Lefties are either stupid or just not paying attention.

Source: nypost.com